Dykhne CPA, Tax and Accounting Services

01/16/2025

🔥 SAVE THOUSANDS on Your Minnesota Taxes! (2025 Credits & Deductions Guide)

Want to keep more of your hard-earned money? This comprehensive guide breaks down ALL the Minnesota tax credits and subtractions you need to know for 2025! Including the NEW changes to Child Tax Credit and Renter's Credit!

💰 KEY TOPICS COVERED:
- NEW $1,750 Child Tax Credit with advance payments
- Updated Social Security subtraction limits
- K-12 education benefits (both credit & subtraction)
- $2,570 maximum Renter's Credit
- 529 plan benefits
- Working Family Credit
- Master's Degree in Teaching Credit
- And much more!

🔗 HELPFUL RESOURCES:
Minnesota Department of Revenue: https://www.revenue.state.mn.us
Tax Forms: https://www.revenue.state.mn.us/forms
Where's My Refund: https://www.revenue.state.mn.us/wheres-my-refund

❓ Have questions? Drop them in the comments below!

👉 Don't forget to LIKE and SUBSCRIBE for more tax-saving tips!

⚠️ IMPORTANT DISCLAIMER:
This video content is for general informational and educational purposes only. It should not be considered as tax, legal, financial, or professional advice. The information presented is based on current understanding of 2025 Minnesota tax laws, which may change.

- Not professional tax advice
- Tax situations vary by individual
- Laws and regulations may change
- Consult qualified tax professional
- No guarantee of results
- Not responsible for audit outcomes
- Verify all information independently
- Check current Minnesota tax laws

Always consult with a qualified tax professional, financial advisor, or the Minnesota Department of Revenue for advice specific to your situation. By using this information, you agree that the content creator and channel are not responsible for any actions you take with the information provided.

01/05/2025

Get ready for tax season 2025 with our comprehensive tax preparation checklist! In this video, we'll walk you through everything you need to organize your documents, maximize your deductions, and file with confidence. Whether you're a first-time filer or a seasoned pro, these tips will help you stay ahead of the April 15th deadline.

⚠️ DISCLAIMER: This video is for educational purposes only and does not constitute tax advice. Please consult with a qualified tax professional for specific guidance.

01/03/2025

Are you confused about Form 1099-K? You're not alone! This video breaks down everything you need to know about this important tax form, whether you're an online seller, freelancer, or simply received a 1099-K for a gift.

**We'll cover:**

* **What is Form 1099-K?**
* **Who needs to file?**
* **Reporting thresholds for different years**
* **Understanding the different reporting categories:**
* Business Income
* Personal Item Sales
* Gifts/Personal Payments
* **How to report income and gains**
* **What to do if you receive a 1099-K in error**
* **Required documentation**
* **Correction process**
* **Tips to avoid common mistakes**

**Don't get caught off guard by tax season! Watch this video to learn everything you need to know about Form 1099-K.**

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12/27/2024

**Gear up for the 2025 tax season!** This video breaks down essential updates and expert tips for a smoother filing experience in 2025.

* **Discover how an IRS Online Account can simplify your tax management.**
* **Learn about the expanded role of the Identity Protection PIN (IP PIN) in safeguarding your tax information.**
* **Understand the implications of 1099-K reporting changes for income earned through online platforms.**
* **Stay ahead of the game with insights on digital asset reporting requirements.**
* **Explore valuable tips on gathering tax documents, understanding refund timelines, and maximizing free filing options.**

12/27/2024

🚨 Important Update for Business Owners 🚨

BOI reporting under the Corporate Transparency Act is temporarily ON HOLD following yesterday's 5th Circuit Court ruling. The court reinstated an injunction blocking FinCEN from enforcing filing requirements while they review the case.

What this means: No BOI filings required until further court decision.

We'll keep you updated as this develops. Contact your legal counsel with specific questions.

12/24/2024

📢 Important Update: Extended BOI Reporting Deadlines!

Following the Court's decision on Dec. 23, the Financial Crimes Enforcement Network (FinCEN) has announced updated deadlines for filing Beneficial Ownership Information (BOI) reports:

🔹 Updated Deadlines for Existing Companies
Companies created or registered before Jan. 1, 2024, must now file their initial BOI reports by Jan. 13, 2025 (extended from Jan. 1, 2025).

🔹 Extensions for Recently Registered Companies

Companies registered between Sept. 4, 2024, and Dec. 23, 2024, now have until Jan. 13, 2025, to file their BOI reports.
Companies registered between Dec. 3, 2024, and Dec. 23, 2024, receive an additional 21 days from their original filing deadline.
Businesses can file their BOI reports using the link below:
👉 https://boiefiling.fincen.gov/boir/html

If you need assistance, contact us at (651) 615-4300.

12/23/2024

12/17/2024

🚗💼 Thinking About Buying a Car for Your Business? Here’s What You Need to Know! 💼🚗

If you’re a business owner, you can save big on taxes by buying and using a car for your business—but there are rules you need to follow. Here’s the simple breakdown:

🚘 1. The Car Must Be Used for Business
To deduct the car, it must be used for business purposes.
Trips to meet clients, visit job sites, or pick up supplies = business miles ✅.
Driving from home to a regular office? ❌ That’s commuting and doesn’t count.
📝 2. Track Your Business Miles
The IRS loves records. Every trip needs:
✅ 📅 Date
✅ 🚗 Miles Driven
✅ 📝 Purpose (e.g., “Drove to a client meeting”).

💡 No mileage log = No deduction. Use a notebook, spreadsheet, or an app to track miles.

🚙 3. Heavy Vehicles vs. Small Cars
🚙 Heavy Vehicles (Over 6,000 lbs)

Bigger SUVs, trucks, and vans let you deduct more.
With bonus depreciation, you can write off up to 60% of the car’s cost in the first year.
Example: A $50,000 SUV used 100% for business = Up to $50,000 deduction!
🚗 Smaller Vehicles (Under 6,000 lbs)

Smaller cars have stricter limits:
Year 1: $12,400 + $8,000 bonus depreciation = $20,400 max deduction.
Example: A $40,000 car used 100% for business = Max deduction $20,400.
🏠 4. Home Office Advantage
If you have a qualified home office, driving from home to meet clients, job sites, or other business locations counts as business miles!
This turns what’s normally “commuting” into deductible mileage.
💡 Bottom Line:
The more you drive for business, the more you can deduct!

Keep records.
Know the difference between heavy and small vehicles.
Take advantage of bonus depreciation.
📞 Need help figuring this out? Send me a message! Let’s make sure you’re getting the BIGGEST tax deduction possible.

🚘 Drive for business. Track your miles. Save on taxes. 💼

🚗

Reduce your taxes and grow your wealth

12/15/2024

🏠 BIG NEWS FOR MINNESOTA RENTERS!

Starting 2025, filing for your Renter's Credit is getting WAY simpler! Here's the scoop:

✅ No more separate Property Tax Refund forms
✅ Your Renter's Credit will be part of your regular state tax return (Form M1)
✅ Keep your Certificate of Rent Paid from your landlord - you'll still need it!
✅ Get your refund faster as part of your tax return

🏡 Homeowners: Don't worry! This change doesn't affect you - keep filing your Property Tax Refund return as usual.

💻 Pro Tip: File electronically in 2025 for the easiest experience. Free filing options will be available!

Questions? Visit revenue.state.mn.us for all the details.

12/02/2024

"🚨 Tax Pro Tip: The 90-Day Mileage Log Secret! 📝
Did you know? You DON'T need a 12-month mileage log to satisfy the IRS! A 3-month detailed log can be enough to prove your business mileage for the entire year.
Here's what you need:
✅ Keep detailed records for 3 consecutive months
✅ Show consistent business use patterns
✅ Maintain supporting documents (like appointment books)
✅ Prove your sample represents your yearly usage
Stop drowning in daily mileage tracking! Work smarter, not harder with your tax documentation.
💡Pro tip: Sync your mileage app with your appointment book for bulletproof documentation.
"

Reduce your taxes and grow your wealth

11/25/2024

💰 SELF-EMPLOYED IN 2021? DON'T MISS OUT ON UP TO $32,220!💰

Did you know? If you were self-employed during 2021, you might qualify for missed COVID-19 sick and family leave tax credits - even if you've already filed your taxes!

Key points:
• You may qualify if you dealt with COVID illness, quarantine, vaccination, or had to care for family
• Credits available for Jan-Sept 2021
• Can still amend your 2021 return until April 18, 2025
• Fully refundable - get the credit even if you don't owe taxes!

Don't leave money on the table! Contact us to see if you qualify and learn how to claim these valuable credits.